Transcription

2 Asia-Pacific leveraging diverse opportunities Our global funds require us to invest internationally. In order to meet this need, we have been operating in the Asia-Pacific region with its economically strong submarkets for more than ten years now. We act reliably, transparently and with integrity in the interests of our investors and transaction partners alike. Philip La Pierre Head of Investment Management Overseas, Union Investment Union Investment is one of the largest real estate investment managers in Europe, with assets under management of EUR 31.8 billion. Our global portfolio comprises 353 office, hotel, retail and logistics properties in 23 countries. Over 20 per cent of the real estate assets are split across the overseas markets of the Americas and Asia-Pacific, and this proportion continues to grow. We have been investing in the Asia-Pacific region for over ten years and have completed transactions worth EUR 1.7 billion. We currently hold 8 properties with a total value of EUR million, spread across two large retail funds with a global investment remit. Southpoint, Brisbane, Australia Targeting Japan and Australia Our current focus is on the real estate markets in Japan and Australia. In addition, we also have investment opportunities in China, Taiwan, Hong Kong, South Korea and Singapore in our sights. Our activities across the Asia-Pacific region are managed out of our Singapore office. We are interested in acquiring real estate assets in all the above-mentioned markets, if the investment conditions are right. 2

3 Transactions worth EUR 1.7 billion since 2006 Fiduciary duty As an investor with a conservative risk profile and a focus on the long term, we primarily target core properties, in line with our duty of care to our retail investors. Requirements include very good locations, high construction quality and sustainable long-term rental income. and with experience gained from over 33 individual transactions, we offer an efficient investment process with maximum transaction reliability. Our disciplined, process-based approach enables us to complete even complex transactions smoothly, with our experience in currency management being particularly beneficial. Regional expertise Our Singapore-based team has deep knowledge of the economic and cultural conditions in the region s markets. Supported by a strong head office 3

4 Our investments persistence pays off We intend to continue expanding our portfolio in the Asia-Pacific region. As a prudent, forward-looking investment manager, we pursue selected opportunities that meet our specific requirements. Asia-Pacific is a relatively young investment region for Union Investment, given that we have been active in Europe for over 50 years. Our first transaction in Asia took place in 2006 with the acquisition of the Seoul Mobile Telecom building. J6 Front, Tokyo, Japan We now hold five properties in Japan worth a total of almost EUR 490 million, two office properties in Australia and an office building in Singapore. Our market development activities also cover all other relevant target markets in the Asia-Pacific region. Tokyo as anchor market The focus of our Asian portfolio is on Tokyo. Most recently, we exploited the nascent recovery of the Japanese economy in 2014 to acquire the J6 Front office building for EUR 134 million.the Grade A property is located in the central Shibuya Ward office market. Given the large number of office properties being constructed in central Tokyo, we are seeking to diversify across Greater Tokyo and in Osaka. 155 Clarence Street, Sydney, Australia Extended risk profile possible We are mainly on the lookout for core properties with long-term high occupancy rates, frequently acquiring them at the development stage. Thanks to our proven asset management expertise, we are also in a position to purchase properties with slightly reduced occupancy levels. 4

5 Acquisitions in Brisbane and Sydney The Southpoint office and retail property in Brisbane is an example of just such a development project. We acquired the project in 2014 and supported it as an investor through to completion in Following this purchase in Brisbane, we acquired the historic 155 Clarence Street office building in Sydney at the end of The property was extensively refurbished in the same year. The occupancy rate at the time of acquisition was 85 per cent and soon approached full occupancy. Sales reduce average age of portfolio We regularly take advantage of selling opportunities in Asia-Pacific to optimise our portfolio. The most recent example is the Cap Square Tower office building in Kuala Lumpur, which we sold after a six-year holding period. Cap Square Tower, Kuala Lumpur, Malaysia Melbourne, Adelaide, Perth and Canberra are other attractive locations in Australia that could support the internationalisation of our portfolio. EUR m current portfolio under management in the Asia-Pacific region 5

7 Our real estate investment criteria in Asia-Pacific Our investment focus in Asia-Pacific is primarily on office properties, but also on industrial real estate and increasingly on the retail and hospitality sectors. Clear criteria dictate the direction. General criteria Investment volume per asset: Min. USD 75 m max. USD 500 m (ideal size: USD m) Countries / cities: Australia, Japan, Malaysia, Singapore, South Korea, Greater China (incl. Hong Kong and Taiwan) Yield: In line with prevailing market conditions and the property s respective location and attributes Acquisition structure: Asset deals (preferred), share deals, forward funding, forward purchase and JVs (case-by-case basis) Financing: Self-funded (100 per cent); borrowing may be used for tax efficiency purposes Further criteria: - CBD or strong suburban submarket locations - Focus on primary markets and top tier secondary markets - Good access to local public transportation is essential - Lease agreements based on market practice. However, there must be scope for annual rent increases Criteria by use Office (primary focus) Class A to B + properties in well established locations (CBD, prime business districts). Existing properties are preferred, but developments can be considered as well (forward funding, forward purchase). Asset deals are preferred to share deals. Single and / or multi-tenant assets. Minimum occupancy rate of 70 per cent for multi-tenant properties leased to creditworthy tenants. Lower occupancy rates can be considered in exceptional cases. New build and / or modern properties and / or high-spec refurbishments. Sale and leaseback opportunities. Buildings with sustainability features and / or green certificates preferred. Industrial Industrial / business park opportunities with secure long-term leases. Single-tenant or multi-tenant with good credit ratings and manageable rollover risk. Buildings with sustainability features and / or green certificates preferred. 7

Connecting Our Clients to Global Investment Opportunities Connecting Clients to Investment Opportunities Our Mission 1 The HSBC Group is one of the world s largest financial services organisations, with

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, EUROPEAN ECONOMIC AREA, CANADA, JAPAN OR AUSTRALIA (Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))

MEDIA RELEASE Unaudited Results of Keppel REIT for the First Quarter Ended 31 March 2015 13 April 2015 The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to announce

AIG Global Real Estate Asia Capabilities This material must be read in conjunction with the Disclosure Statement. INTRODUCTION AIG Global Real Estate comprises a group of international companies within

Asia Update April 26, 2005 Notice This presentation is based on or derived from information generally available to the public and does not contain any material, nonpublic information. No representation

THE EROSION OF THE REAL ESTATE HOME BIAS The integration of real estate with other asset classes and greater scrutiny from risk managers are set to increase, not reduce, the moves for international exposure.

ASCOTT REIT REGISTERS A STRONG 30% INCREASE IN UNITHOLDERS DISTRIBUTION FOR 4Q 2017 Unitholders distribution for FY 2017 at an all-time high of S$152.2 million Singapore, 26 January 2018 Ascott Residence

Working together to create value in the world of real estate Investor Presentation 58,000 employees, 230 offices, 80 countries, 1 global brand September 2015 Who we are JLL is a leading provider of real

Comparison of the UK and Italian Hotel Investment Market March 2005 March 2005 0 Historic liquidity of the European Hotel Investment Market The UK is the most liquid market of the European hotel investment

Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform August 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value for

(Constituted in the Republic of Singapore pursuant to a trust deed dated 31 March 2006 (as amended)) RECEIPT OF IN-PRINCIPLE APPROVAL FOR THE LISTING OF AND QUOTATION FOR 263.0 MILLION NEW UNITS IN ESR-REIT

"The Comprehensive Survey on the International Business Strategy in Japan" January 10, 2001 Nomura Research Institute, Ltd. International Consulting Department Copyright (C) 2001 Nomura Research Institute,

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, EUROPEAN ECONOMIC AREA, CANADA OR JAPAN (Constituted in the Republic of Singapore pursuant to a trust deed dated 9 October 2002 (as amended)) LAUNCH OF

For professional investors 22 October 2014 1 Chi on China Renminbi Gran Turismo (Part 3 of 3): The Rising Yuan in Seoul SUMMARY After Beijing assigned two offshore renminbi (RMB) clearing banks in London

NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in

ASCOTT REIT S UNITHOLDERS DISTRIBUTION INCREASES 7% TO S$108.3 MILLION FOR YEAR-TO-DATE SEPTEMBER 2017 Strong operating performance with double-digit growth in RevPAU in Belgium and the Philippines Singapore,

Offshore Investor Presentation April 2008 www.stockland.com.au Stockland s Position in the A-REIT Sector Stockland was formed in 1952 and pioneered the stapled security structure Stockland s current position*

INVEST IN REITs BUILDING A GLOBAL PORTFOLIO OF PRIME REAL ESTATE BY PC WONG DISCLAIMER The views by the author are his alone. All opinions expressed by the author are subject to change. The viewer is not

Laos Property Investment Guide 2015 Property tenure/ownership Property legislation and the Constitution of the Lao People s Democratic Republic (Lao PDR) provide that land is owned by the national community

Point of view Challenges for Today s Short-Term Assignments Consulting. Outsourcing. Investments. Why is there an increasing trend for short-term assignments? What are the current challenges? How do companies

Chapter 2 Company Taxation Regimes in the Asia-Pacific Region, India, and Russia 2.1 Overview Generally, as regards the fiscal year 2009, the tax systems in the Asia-Pacific region, India, and Russia follow

HSBC GIF Managed Solutions - Asia Quarterly market review Most global stock markets continued to make progress during 2Q 2014, such that the MSCI World Index has now risen for four consecutive quarters.

ASX Announcement Australian Unity Office Fund 11 November 2016 Annual General Meeting The first Annual General Meeting (AGM) of the Australian Unity Office Fund (AOF) is to be held on Friday 11 November